Uniti: 1Q Earnings Snapshot

LITTLE ROCK, Ark. (AP) _ Uniti Group Inc. (UNIT) on Thursday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.

The real estate investment trust, based in Little Rock, Arkansas, said it had funds from operations of $106.8 million, or 59 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 54 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $1 million, or 1 cent per share.

The real estate investment trust posted revenue of $261 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $270.2 million.

Uniti expects full-year funds from operations in the range of $2.25 to $2.31 per share.

The company's shares have dropped 28% since the beginning of the year. The stock has dropped 41% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UNIT at https://www.zacks.com/ap/UNIT